Despite the current market slump, the cryptocurrency industry continues to expand in Florida rapidly. With the increasing popularity of digital currencies, risks in the form of ICO scams and other crypto-related frauds have also increased.

For Florida’s Chief Financial Officer Jimmy Patronis, the only way to address these potential issues is through closer scrutiny of the crypto industry as well as the creation of a new position — a new statewide cryptocurrency chief.

In a statement, Patronis emphasized the need to keep a close eye on the state’s booming crypto industry. The best way to achieve this task, according to Patronis, is to create a new cryptocurrency chief position, who will oversee the implementation of laws governing initial coin offerings (ICOs) and cryptocurrencies in general.

Patronis believes that Florida is, actually, behind another state in terms of ensuring the protection of its citizens against crypto-related crimes. As an example, he cited that Alabama Securities Commission already prohibited Miami-based Platinum Coin from issuing securities within Alabama.